SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Solar3D, Inc. (OTCBB:SLTD.ob - News), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, announced today that it has successfully completed the design of the prototype for its new, super-efficient solar cell.
On track to complete a working prototype near the end of 2011, Solar3D set a number of milestones announced in May, including the completion of each design element—including the optical element and the 3-dimensional photovoltaic structure—and adjustment of the design for mass manufacturing. Each milestone has been consistently met in a timely way.
“The completion of our prototype design is a key milestone toward bringing our next generation solar cell to market. It is taken our team a year of intensive research, development, and simulation. When complete, the production of this solar cell will transform the industry and the way consumers think about solar power and its applications,” said Jim Nelson, CEO of Solar3D.
Inspired by light management techniques used in fiber optic devices, the company’s innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. Solar3D’s management believes that this breakthrough solar cell design will dramatically change the economics of solar energy, since the efficiency of the new solar cell will be substantially higher than the currently available solar technology
“Our objective is to make solar power affordable and available to the world. The development our new solar cell technology will allow the solar industry to generate power on an economically competitive basis in addition to its other advantages over traditionally-sourced power,” continued Nelson. “Our manufacturing-oriented engineers are creating a product that is not only much more efficient but relatively inexpensive to produce in mass quantities.”
“By substantially increasing efficiency and retaining a low production cost, we will be able to contribute significantly to the industry’s pursuit of the SunShot initiative laid out by Energy Secretary, Stephen Chu, to bring the cost of solar electricity to grid parity.”
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. This next generation solar cell will be dramatically more efficient, resulting in a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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